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Altcoins Rise After Yesterday’s Bloodbath: XRP, ADA, and DOGE Lead the Way
The cryptocurrency market has been experiencing significant volatility over the past few days, with yesterday’s crash resulting in a substantial decline for many digital assets. However, today has seen a dramatic reversal, as altcoins began to rise sharply, led by XRP, ADA, and DOGE.
XRP, which had surged 11.3% overnight, drove the gains in the top 5 cryptocurrencies. The token’s price increase was fueled by the registration of the first spot XRP ETF in Brazil, a development that has boosted investor confidence and potentially paves the way for further growth. At the time of writing, XRP is trading at $2.27, with its value increasing by nearly 5%.
Cardano (ADA), another top performer, has shown remarkable resilience, gaining almost 4% in the past day to reach a price of $0.6793. Despite experiencing a 12.5% downturn over the last week, ADA’s strong fundamentals and robust smart contract capabilities have attracted investors, making it an attractive option for long-term holders.
DOGE, the largest meme coin by market capitalization, has also made a notable comeback, increasing by almost 2% in the last 24 hours to reach $0.2092. Despite dropping below its 61.8% Fibonacci retracement level, signaling the end of its recent uptrend, DOGE’s strong community support and popularity have helped it bounce back.
The resilience displayed by these altcoins highlights their ability to recover from significant downturns, demonstrating the market’s willingness to adapt and evolve. As the cryptocurrency market continues to recover from yesterday’s bloodbath, XRP, ADA, and DOGE are well-positioned to lead the way.
For those who missed it, here is a summary of yesterday’s crash: The crypto market saw a significant downturn with Bitcoin (BTC) dropping below $88K, causing over $1 billion in liquidations. Altcoins also followed suit, with major drops for XRP (-14%), Solana (-14%), and other assets.
In the meantime, institutions are taking notice of the resilience displayed by these altcoins. Recently, Grayscale filed a proposal for a Polkadot ETF, while Citadel Securities entered the crypto market, expanding its offerings to include major exchanges like Coinbase and Binance.
Source: https://crypto-economy.com/altcoins-rise-after-yesterdays-bloodbath-xrp-ada-and-doge-lead-the-way/
